Got a question for the trio? - https://zfrmz.com/uLtjhyBskV96PY6eJfaI https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode Dave, Cate and Pete take you through: Market update 1. Beware of changing borrowing capacity when on the property hunt
With monthly cash rate increases, borrowing capacity has been slowly dwindling as lenders update their affordability calculators. However, the ‘Household Expenditure Measure’, a measurement for scrutinising living expenses, is also increasing to reflect the higher cost of living due to inflation. For those who are hoping to purchase at the limit of their borrowing capacity, it is imperative that you are checking in with your strategic mortgage broker to confirm affordability before you sign any contracts. 2. Shared equity scheme for Victorian’s announced
The Labor party in Victoria have announced a shared equity scheme to help buyers get into the market. Interestingly, it is not limited to first time buyers. The scheme allows for purchases in metro Melbourne and Geelong up to $950,000 and up to $600,000 in regional Victoria, with the government assisting in purchasing up to 25% of the property. But take note, they will also expect 25% of the gain when you sell! We recommend to those who are interested to understand all of the requirements and fine print. 3. Auction clearances indicate further green shoots
The latest auction clearance rates show some positive signs, which for the third week in a row have been holding steady above 60%. With volumes continuing to rise and the recent rate increase representingonly 25 bps, the market is showing resilience with buyers trickling back in. Our best advice from our own journeys 1. Reflecting on our own purchasing journeys, what is our most solid-gold nugget of wisdom that we’ve gained and feel compelled to share with others?
The trio share the most important lesson they’ve learnt from buying and investing in property. Although Cate, Dave and Pete have followed vastly different paths on their property journey, the advice is very similar – get a foot in the property door as early as you can and hold on to property as long as you can. The trio discuss the circumstances and key events that led them towards this realisation. 2. What surprised the trio about the simplicity of their retrospective gold nugget?
Get in early and hold as long as you can. Simple, right? Whilst it might seem obvious now, there are many circumstances across a lifetime that can challenge this simple proposition and test your nerves. The trio share hot tips on how to keep it simple and stick to your guns. Action and patience is key! 3. What positive role models did the trio learn from in their earlier years?
The trio discuss the investors that they consulted and learnt from at the start of their property journeys. The key is to mix with people who have had success, ask questions, absorb the lessons and work out what is the right strategy for you. 4. Has the evolution of market conditions, lending conditions and social pressures changed how this gold nugget could work in today’s climate?
The trio look in the rear view mirror at the property landscape, how it was back then vs how it is now. Does the change in market, lending and social conditions change the advice? Tune in to find out. Visit the show notes - https://propertyplanning.com.au/the-best-advice-from-our-own-journeys-ep-177/